Twitter vows legal fight after Musk pulls out of $44bn deal

📆 7/9/2022 11:04 AM
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Elon Musk, the chief executive officer of Tesla and the world's richest person, said on Friday he was terminating his $44bn deal to buy Twitter because the social media company had breached multiple provisions of the merger agreement.

Twitter's chairman, Bret Taylor , said on the micro-blogging platform that the board planned to pursue legal action to enforce the merger agreement.

"Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr. Musk relied when entering into the Merger Agreement," the filing said. Twitter, however, is hoping that court proceedings will start in a few weeks and be resolved in a few months, according to a person familiar with the matter.

"I'd say Twitter is well-positioned legally to argue that it provided him with all the necessary information and this is a pretext to looking for any excuse to get out of the deal," said Ann Lipton, associate dean for faculty research at Tulane Law School.the $54.20 per share Musk agreed to buy Twitter for in April.

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I have a feeling Elon Musk was just pulling a stunt... He wanted to trend.

Why am I not surprised? Lol

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